Zacks: Brokerages Anticipate GTT Communications Inc (GTT) Will Announce Quarterly Sales of $247.75 Million
Equities research analysts expect GTT Communications Inc (NYSE:GTT) to report sales of $247.75 million for the current quarter, according to Zacks. Six analysts have issued estimates for GTT Communications’ earnings, with estimates ranging from $245.72 million to $249.30 million. GTT Communications reported sales of $136.50 million during the same quarter last year, which would suggest a positive year over year growth rate of 81.5%. The company is expected to issue its next quarterly earnings report on Wednesday, March 14th.
According to Zacks, analysts expect that GTT Communications will report full-year sales of $247.75 million for the current year, with estimates ranging from $813.22 million to $816.80 million. For the next fiscal year, analysts expect that the firm will post sales of $1.02 billion per share, with estimates ranging from $1.00 billion to $1.04 billion. Zacks Investment Research’s sales averages are an average based on a survey of analysts that follow GTT Communications.
GTT has been the subject of several analyst reports. Zacks Investment Research raised GTT Communications from a “sell” rating to a “hold” rating in a research note on Wednesday, January 3rd. Oppenheimer upped their target price on GTT Communications from $39.00 to $52.00 and gave the company an “outperform” rating in a report on Wednesday, December 20th. One equities research analyst has rated the stock with a sell rating, one has given a hold rating and four have assigned a buy rating to the stock. GTT Communications currently has an average rating of “Buy” and an average price target of $40.20.
A number of hedge funds and other institutional investors have recently made changes to their positions in the business. D.A. Davidson & CO. grew its holdings in GTT Communications by 4.6% during the second quarter. D.A. Davidson & CO. now owns 20,224 shares of the technology company’s stock valued at $640,000 after purchasing an additional 890 shares during the period. Legal & General Group Plc grew its holdings in GTT Communications by 14.1% during the second quarter. Legal & General Group Plc now owns 7,353 shares of the technology company’s stock valued at $234,000 after purchasing an additional 907 shares during the period. American International Group Inc. grew its holdings in GTT Communications by 8.1% during the third quarter. American International Group Inc. now owns 20,768 shares of the technology company’s stock valued at $657,000 after purchasing an additional 1,552 shares during the period. Voya Investment Management LLC grew its holdings in GTT Communications by 18.9% during the second quarter. Voya Investment Management LLC now owns 13,789 shares of the technology company’s stock valued at $436,000 after purchasing an additional 2,193 shares during the period. Finally, Cadence Capital Management LLC grew its holdings in GTT Communications by 5.1% during the third quarter. Cadence Capital Management LLC now owns 52,526 shares of the technology company’s stock valued at $1,662,000 after purchasing an additional 2,528 shares during the period. 65.41% of the stock is owned by institutional investors and hedge funds.
Shares of GTT Communications (NYSE:GTT) opened at $43.60 on Friday. The company has a market capitalization of $1,866.40, a P/E ratio of 477.22, a PEG ratio of 19.63 and a beta of 1.48. GTT Communications has a 52 week low of $22.95 and a 52 week high of $47.75. The company has a quick ratio of 0.91, a current ratio of 0.91 and a debt-to-equity ratio of 4.08.
TRADEMARK VIOLATION WARNING: This story was posted by American Banking News and is owned by of American Banking News. If you are reading this story on another publication, it was copied illegally and reposted in violation of US and international copyright legislation. The legal version of this story can be read at https://www.americanbankingnews.com/2018/01/13/zacks-brokerages-anticipate-gtt-communications-inc-gtt-will-announce-quarterly-sales-of-247-75-million.html.
About GTT Communications
GTT Communications, Inc provides cloud networking services to a range of clients. The Company offers a portfolio of global communications services, wide area network (WAN) services; Internet services; managed network and security services, and voice and unified communication services. It provides Layer 2 (Ethernet) and Layer 3 (multiprotocol label switching (MPLS)) WAN solutions for multinational clients.
For more information about research offerings from Zacks Investment Research, visit Zacks.com
Receive News & Ratings for GTT Communications Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for GTT Communications and related companies with MarketBeat.com's FREE daily email newsletter.